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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to permit the Texas Transportation Commission, subject to |
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legislative review and approval, to designate the area adjacent to |
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a state highway project as a transportation finance zone and |
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dedicating the proceeds of the state sales and use taxes imposed in |
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a transportation finance zone to the Texas Mobility Fund for |
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certain purposes. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49-k, Article III, Texas Constitution, |
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is amended by adding Subsection (e-1) and amending Subsection (g) |
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to read as follows: |
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(e-1) The legislature by general law may authorize the |
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commission to designate as a transportation finance zone an area |
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defined by the general law that is adjacent to the right-of-way of |
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an existing or proposed state highway, if in connection with |
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construction, reconstruction, or expansion of the state highway, |
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including design and right-of-way acquisition costs, the |
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commission has issued and sold obligations or entered into credit |
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agreements under Subsection (d) of this section or proposes to |
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issue and sell obligations or enter into credit agreements under |
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Subsection (d) of this section. The designation of an area as a |
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transportation finance zone must be reviewed and approved by the |
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legislature before the designation may take effect. In addition to |
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other sources of revenue, there is dedicated to the fund the |
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proceeds of a state tax that is established by general law and |
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imposed on the first sale of a taxable item in this state or on the |
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first storage, use, or other consumption in this state of a taxable |
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item purchased from a retailer for storage, use, or other |
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consumption in this state, if the first sale or first use is |
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consummated within the boundaries of a transportation finance zone. |
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All proceeds from the taxes to which this subsection applies that |
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are collected within the boundaries of a transportation finance |
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zone may be deposited to the credit of a separate account in the |
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fund. Money collected within the boundaries of a transportation |
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finance zone and deposited to the credit of the fund under this |
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subsection may be used only for the purpose of paying the principal |
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of and interest on obligations issued under Subsection (d) of this |
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section or a related credit agreement entered into under that |
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subsection in connection with the state highway that is located in |
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that transportation finance zone. The legislature may limit the |
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amount of money the comptroller may deposit to the credit of the |
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fund in any state fiscal year under this subsection. |
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(g) In addition to the dedication of specified sources or |
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amounts of revenue, taxes, or money as provided by Subsections |
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[Subsection] (e) and (e-1) of this section, the legislature may by |
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law authorize the commission to guarantee the payment of any |
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obligations and credit agreements issued and executed by the |
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commission under the authority of this section by pledging the full |
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faith and credit of the state to that payment if dedicated revenue |
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is insufficient for that purpose. If that authority is granted and |
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is implemented by the commission, while any of the bonds, notes, |
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other obligations, or credit agreements are outstanding and unpaid, |
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and for any fiscal year during which the dedicated revenue, taxes, |
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and money are insufficient to make all payments when due, there is |
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appropriated, and there shall be deposited in the fund, out of the |
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first money coming into the state treasury in each fiscal year that |
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is not otherwise appropriated by this constitution, an amount that |
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is sufficient to pay the principal of the obligations and |
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agreements and the interest on the obligations and agreements that |
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become due during that fiscal year, minus any amount in the fund |
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that is available for that payment in accordance with applicable |
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law. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 3, 2009. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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legislature to permit the Texas Transportation Commission, subject |
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to legislative review and approval, to designate the area adjacent |
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to a state highway project as a transportation finance zone and |
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dedicating the proceeds of the state sales and use taxes imposed in |
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a transportation finance zone to the Texas Mobility Fund for |
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certain purposes." |